misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar … more 'extractive' instit utions from their colonial past were more likely to experience high volatility a nd economic … policies appear to have only a minor impact on volatility and crises. This suggests that distortionary macroeconomic policies …

misaligned exchange rates, appear to have suffered more macroeconomic volatility and also grown more slowly during the postwar … more 'extractive' instit utions from their colonial past were more likely to experience high volatility a nd economic … policies appear to have only a minor impact on volatility and crises. This suggests that distortionary macroeconomic policies …

(Argentina, Brazil, Chile, Paraguay and Uruguay) during four episodes of international crises: 1994, 1997-1999, 2001 and 2008. In … transparency, reduced price volatility and increased the credibility of monetary authorities. For countries to be able to implement …